Assets to be sold: Substantially all of the personal property of Teters and the assignment estate, including all on-hand inventory, work in progress, certain machinery and equipment, furniture and fixtures, and intellectual property. The assets do not include rolling stock, real estate, cash, or accounts receivable.
Auction Participation Requirements: To participate in the auction, a bidder must deposit with the Assignee $250,000 in immediately available funds not later than two business days prior to the date of the auction and execute an Asset Purchase Agreement. Deposits from parties not the successful bidder will be returned 24 hours after the sale closes.
Location and Timing: Auction of the Estate Property will be held at the office of Spencer Fane 1000 Walnut, Suite 1400, Kansas City, MO 64106. The date presently set for the auction is September 4, 2018 at 10:00 a.m. CDT.
Auction Procedures: The Assignee presently intends to sell the Estate Property as one lot. The Seller has received an offer for the Estate Property to be sold and has agreed to use that offer as the initial offer for the sale of the Estate Property, in the amount of $1,034,817. The initial overbid will be in an amount of not less than $50,000 with subsequent bids to be no less than $25,000 higher than the last bid. The bidder at the auction that offers the highest cash price for the Auctioned Assets shall be the successful bidder at the auction. The sale will be on an all-cash basis.
Auction Terms: Seller is auctioning the Estate Property “as is, where is” with all faults and defects, and does not make any representations, warranties, promises, covenants, agreements or guaranties of any kind or character whatsoever, concerning or with respect to the nature, quality, or condition of the Estate Property. The Purchaser is responsible for removal of the Estate Property at its own cost and expense. The complete Terms of Sale are available from the Assignee.
Closing: Upon payment of the Purchase Price, Seller shall deliver, to or for the benefit of Purchaser, a Bill of Sale and assignment duly executed by Seller, pursuant to which Seller’s right, title, and interest in and to the Estate Property shall be assigned to the Purchaser; holders of secured interests, which have consented to the auction terms, will then deliver UCC releases of their respective liens on their personal property collateral.
Parties interested in receiving a bid package, conducting due diligence or inspecting the assets and submitting a bid/offer should contact Steven Victor or William G. Brandt.
Steven L. Victor and/or William G. Brandt, on behalf of DSI Assignments, LLC, solely in its capacity as Assignee of Teters Floral Products, Inc. 70 W. Madison, Suite 2300, Chicago, Illinois 60602. Office (312) 263-4141; email@example.com and firstname.lastname@example.org.
The editors and editorial board of DailyDAC include preeminent restructuring and insolvency professionals, journalists, and editors. They are devoted to providing reliable and plain English education and deal intelligence about assignments, corporate bankruptcy, receiverships, out-of-court workouts an similar topics.
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